Kathrein Dynamic Asset Allocation Fund

Fund report as of 18/05/2018

The Kathrein Dynamic Asset Allocation Fund is a total return fund with the objective of earning a positive return in all market phases. In order to achieve this goal, the asset allocation is completely flexible with the equity, bond, cash, real estate and commodity exposure each varying between 0-100 %. The decision how to weight the individual asset classes is driven by a quantitative model that examines the asset classes by country, sector or topic in accordance to algorithm that should allow the investor to profit from trends. The implementation is via cost efficient exchange traded funds.

Fund data

ISIN T: AT0000A0H9L5
A: AT0000A0H9J9
NAV T: 116.82
A: 100.94 EUR
17/05/2010
Capital gains 5.61 EUR
Ordinary income -0.67 EUR
Fund size 25,381,350.15 EUR
Distribution 1.86 EUR (from 6/15)
Fiscal year 04/01-03/31
Operating costs** 1.99

Performance (21/05/2013 - 18/05/2018)

Source: Custodian (Raiffeisen Bank International AG), Cyberfinancials Datenkommunikation GmbH

Performance

Month -0.74%
YTD 0.80%
1 years 1.49%
2 years (p.a.) 5.97%
3 years (p.a.) 0.91%
5 years (p.a.) 4.08%
10 years (p.a.) nichtrelevant
since inception (p.a.) 2.07%

Key figures

Sharpe ratio* 0.22
Max. drawdown -21.09%
Volatility 7.61%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)

Stock exposure

24.69 %

Bond exposure

70.22 %

Commodities

0.00 %

Alternatives

3.77 %

Cash

1.32 %
Performance is calculated in accordance with the OeKB method and expressed as a percentage, assuming reinvestment of dividends. Charges such as management fees or other costs charged against the assets of the fund are included, whereas front-end loads (up to 5.00% of the capital invested) have not been included. This will reduce performance proportionate to the specific amount of capital invested. Past performance is not a reliable indicator of future developments of the fund. Tax treatment depends on the investor’s personal situation and may be subject to future changes. *Sharpe ratio: This key figure compares the historical excess return over money market with its historical volatility. It characterizes how well the return of an asset compensates for the risk taken.

Portfolio manager comments as of April 2018

The simmering trade conflict as well as the negative outlook for government debt in the USA drove 10 year US Treasury yields above 3 %. The US GDP growth of 2.3 % surprised the markets with a higher than expected 2.3 %, which pushed yields up further. In Europe yields also rose, however weaker leading indicators are nourishing doubts about the sustainability of the European recovery. Stocks markets recovered strongly in April driven higher on the one hand by good quarterly earnings results and a robust economy, but on the other hand interest rate fears and fear of protectionism caution the markets. The US dollar recovered strongly against the EUR and nearly has made up the decline of the first three months.
** 'Current charges' includes the management fee and all fees charged during the previous year. Transaction costs and performance fees are not included in 'current charges'. 'Current charges' can vary from one year to the next. The annual report of the fund includes details about any fees charged (sub-item 'expenses').
This document is for advertising purposes only and does not constitute an offer or recommendation for the purchase or sale of financial instruments. The published prospectus as well as the key investor information document pertaining to this investment fund can be accessed in German at www.rcm.at or requested from Kathrein Privatbank Aktiengesellschaft. Despite thorough research and collection of data, Kathrein Privatbank Aktiengesellschaft does not assume liability for nor does it guarantee the accuracy of the data presented.